Sales Tax
#1
Posted 26 November 2007 - 06:05 PM
I got to talking to the old man i bought most of my machines from and he said he was told that we do not pay sales tax on bulk vending in texas. This doesn't sound right to me.
However, I currently buy from Sams Club and pay sales taxe there already. So paying them again would really hurt my already small profit. Any advice on this?
P.S. I live in Texas
#2
Posted 26 November 2007 - 07:40 PM
Many states have recognized the special needs and problems of our industry and have enacted exemptions or reduced charges for sales through bulk vending machines. Since bulk vending represents less than 1% of the entire vending industry, most legislators have been sympathetic and helpful. For example, New York, Texas and Kentucky exempt all sales at 50¢ or less. California has a 25¢ exemption.
It appears that you are exempt from paying sales tax as long as your vends are .50 or less. There is also a link to some specific state info there as well.
Hope this helps.
Steve
#3
Posted 26 November 2007 - 08:44 PM
Here is an excerpt from a post on my forum.
It appears that you are exempt from paying sales tax as long as your vends are .50 or less. There is also a link to some specific state info there as well.
Hope this helps.
Steve
Yeah I noticed that last week. I can not believe they have NY exempt. That's a good thing.
#4
Posted 28 November 2007 - 06:10 PM
#5
Posted 28 November 2007 - 07:38 PM
#6
Posted 28 November 2007 - 07:43 PM
Steve
#7
Posted 28 November 2007 - 08:28 PM
Yes you still have to file an income tax return and report your earnings. You do not however have to collect and pay sales tax on the product you sell.
Steve
In Michigan you have to file a sales tax form no matter. So On the form you would have to list your total candy sales and then list them on the next line as exempt, for a total sales tax owed as zero. You do however, have to pay sales tax on the equipment (vending machines) that you purchased!
Regards,
Philo